PRICING NOTICE: Monthly coking coal relativities May 2017

The relativities are calculated using a regression analysis of transaction prices for the various brands as well as assessments provided by and collected from market participants where appropriate over the preceding two months, and are expressed as a percentage relative to the Metal Bulletin indices.

Please note that the table represents an average of relativities over the past two months, rather than that on the last working day of the month.

Relativities on a cfr China basis are different from those on an fob Australia basis due to different value-in-use observed in different markets.